16 SHIPPING PRACTICE merchant, the consignee acting only as the selling agent at port of destination. As the goods are sold, entries of such transactions are made in a special account known as the " ............... Consignment a/c," and from time to time the receiver for- wards to the merchant an account of sales. He receives in return for his services in the disposal of the goods a com- mission by way of remuneration, the proceeds of the sale being forwarded to the merchant at agreed periods. To comply with currency regulations and control, the method of shipping goods against bank credits has rapidly become established. The overseas customer issues his order for goods, and arranges a bank credit for payment in the seller's country. Credits are issued as unconfirmed or re- vocable, irrevocable, confirmed irrevocable, etc. Shipment on the exact terms of the credit earns payment against documents. The foolish insistence on obscure descriptions and bankers' lack of knowledge of shipping often results in the bank credit system becoming cumber- some and the subject of hot dispute. On receipt of the bill of lading at the port of destination the consignee, after endorsing the document, presents the Ml at the shipping office and secures in return a delivery onjej^ which is an authority to the master of the ship to make delivery of the goods in exchange for this order. A merchant shipper who uses the chartered ship as his method of transport has considerably less work to do; he has merely to supply the goods in bulk to the steamer, receive payment for the goods, and forward the bill of lading to the consignee. The main difference here is that the consignee or receiver does not usually pay his freight until such a time as the goods are discharged. This, how- ever, is dealt with fully in Chapters VII and Yin.